401 E I St · Deer Park, WA 99006

$220,000

2 bd · 1.0 ba · 1,096 sqft · SingleFamily · 79 Days on market

Built 2011 3,049 sqft lot $201/sqft · 38% below area Est $357k · 38% under $15/mo HOA · 1% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +7.4/30.0
• Schools +5.2/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits in this 2-bedroom, 1-bathroom Deer Park area home built in 2011! Featuring solid single-level construction and a functional layout, the property includes a two-car sized tandem garage for added storage and radiant floor heat for year-round comfort and efficiency. Currently tenant-occupied, this home is competitively priced and presents a compelling value for those seeking affordability and potential!

Key facts

• 3,049 sq ft lot
• 2 garage spots
• Built 2011

🏷️ Possibly a rental listed for sale. The $220,000 price doesn't fit this home's estimated sale value (~$356,681) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (18.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (27.8% below list).
• Recommended offer: $159k (27.8% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.5% in Deer Park — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 57/100 on livability (#531 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, cost of living B+; Watch: amenities F, commute F, employment D-.
• Deer Park School District (rural): math 52% / reading 66% proficiency, ranked #74 of 291 in WA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 354 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 3,608 units permitted in Spokane County in 2024 (1,792 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Spokane County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,846 (27.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 4.76%
• Cash-on-cash: -5.46%
• DSCR: 0.76
• GRM: 11.5

CMA / ARV

• ARV (median comp): $356,681
• List price: $220,000
• Delta: -38.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 E I St	0.02mi	2/1.0	1,072 (-2%)	9mo	$260,000	$243	88
410 E I St	0.04mi	2/1.0	1,176 (+7%)	1mo	$242,403	$206	85
406 E I St	0.04mi	2/1.0	1,176 (+7%)	3mo	$242,131	$206	83
608 S Margaret St	0.27mi	2/2.0	1,120 (+2%)	11mo	$335,000	$299	71
17 S Arnim St	0.60mi	2/1.0	1,040 (-5%)	9mo	$255,000	$245	56
219 E Meadowmere Rd	0.21mi	3/2.0 (+1)	1,196 (+9%)	13mo	$325,000	$272	55
404 E Crawford Ave	0.61mi	3/1.0 (+1)	1,200 (+10%)	12mo	$290,000	$242	41
301 S Forest Ave	0.65mi	3/2.0 (+1)	1,200 (+10%)	10mo	$415,000	$346	36
820 E D St	0.48mi	2/1.0	938 (-14%)	23mo	$315,000	$336	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -25.6%
• Equity multiple: 0.13×
• Total profit: $-53,481
• Equity at exit: $32,803

10-year hold

• IRR: -22.0%
• Equity multiple: -0.13×
• Total profit: $-69,438
• Equity at exit: $19,022

Cash invested: $61,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 99006

• Home prices YoY: -17.4%
• Active inventory: 354
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,588 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$15
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $-280

Break-even live

Break-even rent $1,944

Max offer price $179,413

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 E H St Unit 101-C Deer Park, WA	3.0	2.0	1086	$1,450	$1.34	13d	1	0.29mi
425 S Main St Deer Park, WA	2.0	2.0	950	$1,300	$1.37	13d	1	0.35mi
420 E C St, Unit 422 Deer Park, WA	2.0	1.0	720	$1,200	$1.67	13d	1	0.72mi
1814 E Carol St Deer Park, WA	2.0	2.0	1320	$1,695	$1.28	13d	1	1.24mi

HOA detail

• Monthly dues: $15 · $180/yr

Listing history 16 events

1. 2026-06-18
   days on market $220,000 Active 79 DOM
2. 2026-06-17
   days on market $220,000 Active 78 DOM
3. 2026-06-16
   days on market $220,000 Active 77 DOM
4. 2026-06-15
   days on market $220,000 Active 76 DOM
5. 2026-06-14
   days on market $220,000 Active 74 DOM
6. 2026-06-13
   days on market $220,000 Active 73 DOM
7. 2026-06-10
   days on market $220,000 Active 71 DOM
8. 2026-06-09
   days on market $220,000 Active 70 DOM
9. 2026-06-08
   days on market $220,000 Active 69 DOM
10. 2026-06-07
    days on market $220,000 Active 68 DOM
11. 2026-06-03
    days on market $220,000 Active 64 DOM
12. 2026-06-02
    days on market $220,000 Active 63 DOM
13. 2026-06-01
    days on market $220,000 Active 62 DOM
14. 2026-05-31
    days on market $220,000 Active 61 DOM
15. 2026-05-31
    days on market $220,000 Active 60 DOM
16. 2026-03-31
    listed $220,000 Active 422-char remark

    Show marketing remark (422 chars)

    Opportunity awaits in this 2-bedroom, 1-bathroom Deer Park area home built in 2011! Featuring solid single-level construction and a functional layout, the property includes a two-car sized tandem garage for added storage and radiant floor heat for year-round comfort and efficiency. Currently tenant-occupied, this home is competitively priced and presents a compelling value for those seeking affordability and potential!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 13 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,062
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,525
• − Management: −$1,525
• − HOA: −$180
• − Depreciation: −$6,400
• Taxable loss: −$7,292
• Est. tax savings @ 24.0%: +$1,750
• After-tax cash flow: $-1,616/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Deer Park School District
• NCES district ID: 5302070
• Math proficiency: 52% ▼ -1.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $47,808
• Composite: 51.66/100
• National rank: #3620
• State rank: #74 of 291 in WA

Livability — Deer Park

• Score: 57/100
• State rank: #531
• US rank: #22045

Category grades

Amenities F Commute F Cost of living B+ Crime C+ Employment D- Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Deer Park, WA
• County: Spokane County · 496,401 people
• City population: 16,177
• Metro: Spokane-Spokane Valley, WA
• Population (ZIP): 16,177
• Household income: $72,200
• Rent vs Own: 16.8% rent · 83.2% own
• Severe rent burden: 144.0

Population outlook (Spokane County) Hauer SSP2

• Today (2025): 531,314 people
• By 2030: 549,278 · +3.4%
• By 2040: 577,822 · +8.8%
• By 2050: 598,188 · +12.6%
• By 2075: 630,744 · +18.7%
• By 2100: 622,360 · +17.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Slovak 3% Serbian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Spokane

• 2024 margin: Toss-up / Even · D 46.0% · R 51.0% · Other 3.0%
• 2008→2024 swing: -3.8pp toward R · 2008: -1.1pp · 2024: -5.0pp
• All cycles: 2024: R+5.0 2020: R+4.3 2016: R+8.3 2012: R+6.3 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -79.74%
• Current HPI: 378.0416
• Rent YoY: —
• Metro: Spokane-Spokane Valley, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

1 event — show timeline

• 2026-03-31 Listed $220,000 SPOKANEMLS as Distributed by MLS Grid